The Clearing Agreement serves as the foundational document establishing the legal and operational framework for clearing services in the German financial markets. This document is essential when a financial institution seeks to become a clearing member of a clearing house or CCP, enabling them to clear trades either for themselves or on behalf of their clients. The agreement incorporates requirements from German banking law, securities regulations, and EU legislation (particularly EMIR), ensuring compliance with both domestic and European regulatory frameworks. The Clearing Agreement covers crucial aspects such as membership criteria, margin requirements, default management, risk procedures, and operational processes, making it a critical document for financial institutions operating in German markets.
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1. Parties: Identification of the clearing member and the clearing house/CCP
2. Background: Context of the agreement and brief description of the clearing relationship
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Membership Requirements: Qualifications and ongoing requirements for maintaining clearing membership
5. Scope of Clearing Services: Description of clearing services provided and products covered
6. Clearing Member Obligations: Core obligations including margin requirements, contributions to default fund, reporting requirements
7. Clearing House Obligations: Services to be provided, handling of positions and collateral
8. Risk Management: Risk monitoring, margin calculations, position limits
9. Default Procedures: Events of default, consequences, and default management process
10. Margin Requirements: Types of margin, calculation methods, eligible collateral
11. Settlement and Payment: Settlement procedures, payment obligations, currency provisions
12. Representations and Warranties: Standard legal representations and specific clearing-related warranties
13. Term and Termination: Duration, termination events, consequences of termination
14. Confidentiality: Handling of confidential information and trade data
15. Governing Law and Jurisdiction: Choice of German law and jurisdiction provisions
16. General Provisions: Standard boilerplate clauses including notices, amendments, assignment
1. Client Clearing: Additional provisions for clearing members providing services to clients
2. Cross-Border Services: Additional provisions for clearing services across multiple jurisdictions
3. Segregation Options: Different account segregation models and associated requirements
4. Additional Services: Terms for optional services such as compression, reporting, or collateral management
5. Emergency Provisions: Procedures for market emergencies or technical failures
6. Tax Provisions: Specific tax-related provisions if relevant to the clearing relationship
7. Data Protection: Additional GDPR and data protection requirements if handling personal data
1. Schedule 1 - Eligible Products: List of products and contracts eligible for clearing
2. Schedule 2 - Fee Schedule: Clearing fees, charges, and payment terms
3. Schedule 3 - Operational Procedures: Detailed operational processes and technical requirements
4. Schedule 4 - Risk Management Procedures: Detailed risk management procedures and calculations
5. Schedule 5 - Eligible Collateral: Types of acceptable collateral and haircuts
6. Schedule 6 - Contact Details: Contact information for various functions and notices
7. Schedule 7 - Forms and Notices: Standard forms for various notices and requests
8. Appendix 1 - Technical Specifications: Technical requirements for systems and connectivity
9. Appendix 2 - Service Level Agreement: Service levels and performance standards
10. Appendix 3 - Business Continuity: Business continuity and disaster recovery procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Securities Trading
Derivatives Trading
Capital Markets
Investment Banking
Asset Management
Financial Technology
Market Infrastructure
Relevant Teams
Legal
Compliance
Risk Management
Operations
Trading
Treasury
Regulatory Reporting
Post-Trade Services
Market Infrastructure
Client Services
Technical Operations
Business Development
Product Management
Relevant Roles
Head of Clearing
Clearing Operations Manager
Risk Manager
Compliance Officer
Legal Counsel
Chief Operating Officer
Head of Trading
Treasury Manager
Chief Risk Officer
Regulatory Reporting Officer
Operations Director
Head of Market Infrastructure
Senior Compliance Manager
Legal Director
Head of Post-Trade Services
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